Indian economy is witnessing a V-shaped recovery after challenges posed by the COVID-19 pandemic, Minister of State for Finance Anurag Thakur said on Saturday.
Interacting with the media in Hyderabad, Thakur said India and other countries faced economic slowdown due to lockdown and other measures taken to contain the spread of the pandemic.
“But India stood strong. The economy is witnessing a V-shaped recovery,” he said.
He said the union budget presented earlier this month will give a boost to various sectors.
“The recent budget has no new taxes on the people of this country,” he said, adding that Modi Government “is development- driven”.
He said all sections of people have appreciated the budget except the opposition parties.
The minister said that the revised estimates (RE) 2020-21 for expenditure is 34.50 lakh crore as against budgetary estimates (BE) 2020-21 of 30.42 lakh crore.
He said the budget for 2021-22 is very transparent and aims for the overall development of the country.
“In the next four to five years, India would become a USD five trillion economy. The general budget for 2021-22 has been designed carefully,” he said.